India expands oil refining capacity to 6.4 million barrels per day

India is expanding its oil refining capacity from 5.4 million to 6.4 million barrels per day. The country, currently the world's fourth-largest refiner, aims to solidify its position as a global energy hub by attracting investment from Gulf monarchies. Oil Minister Hardeep Singh Puri confirmed that Saudi Arabia and the UAE are interested in financing new projects. Each modern refinery requires an investment of 780 billion to 800 billion rupees (approximately $8.13 billion to $8.34 billion). According to macroeconomist Artem Loginov, India's steady demand makes its refining sector an attractive asset for OPEC+ nations seeking guaranteed markets for their crude oil. This investment strategy serves as a long-term distribution channel for producers, contrasting with the stagnation currently slowing resource consumption in Western economies.